Real Estate Information Archive

A neighbor with an iron fist and an intolerance for all things fun can absolutely ruin buying a home in Albuquerque. ...or who makes all the noise. There are a number of types of neighbors you hope not to have. 

The Neighbors from Hell Instagram page contains cautionary tale after cautionary tale, and a few laughs at the same time. Although you can't avoid every nuisance in a neighborhood, you can prepare for it by doing your research on the areas in Albuquerque you're considering.

You can take these steps to diffuse or rectify a tense or problematic situation if you end up with a neighbor who is worrying.

Lend an ear

Perhaps your neighbor's grumpiness is a cry for help. A little kindness can sometimes tame a grouch, even if the person doesn't deserve it. 

Lend a hand

Are your neighbors' lawns overgrown, their shutters peeling, or their siding dirty? Despite the fact that you may assume they're neglectful, there may be a larger issue at play, The Spruce reported. “The family may be dealing with sickness, or their lawnmower broke down and they can't afford a new one.”

Don’t be afraid to stand up for yourself

It is sometimes necessary to show strength to someone who isn't used to facing a formidable foe. There may be a better way, but it might require you to get in the muck in order to achieve your goals.

Get support

Rentberry noted that joint efforts lead to more success. “If it’s likely that you’re not the only one unhappy about your neighbor’s behavior, you should check if someone else is ready to side you. This point is especially important if you decide to contact local precinct or file a complaint in court. In this case, quantity matters. The more people share your opinion, the more chances to win you have.”

Get the authorities involved

The situation may require escalation if it involves legal violations or being intimidated or harassed.

Steer clear of danger

“Sad but true, some neighbors are not worth getting to know well—but it’s still good to know something about their dislikes and boundaries, so you don’t cross them,” said HGTV. An elderly Ohio man named Charles Martin shot to death a 15-year-old boy in 2006 because he walked across his meticulously mowed lawn in a suburb of Cincinnati, Ohio.

How to handle them: Martin—who is in jail—may have been destined to snap no matter what his neighbors did or didn’t do, but he was well known for the care he lavished on his lawn, and in theory, if that 15-year-old had been more aware of the kook’s devotion to his lawn, it might have kept him from going anywhere near the home.

Nightmare neighbors are just sometimes unavoidable. But with these above tips, you may have a chance of making your situation more livable.

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

Are you looking for a mid-priced Albuquerque home packed with features? Our latest listings offer everything you need in a modern home, with newer constrcution or tons of upgrades. These homes are certain to sell fast, so make sure you schedule a showing today.

Feel free to contact Sandi Pressley and her team at 505-263-2173 to get more information and schedule a viewing of these fine homes. You can also check out all of our listings on our Featured Listings page.

6713 PROMENADE Avenue NE, Albuquerque, NM 87109

Beautiful '4 Year Young' Abrazo Home! Tucked away in the desirable Santa Monica neighborhood, this home includes lots of builder & owner upgrades! Featuring an open & light floorplan, wood look tile floors, tray ceilings, remote control shutters, built-ins, & more! Must see 'Seller's Feature' sheet included in MLS! Kitchen appointed w/gorgeous granite counters, Stainless Steel appliances, eat-at island, large pantry, & opens to family dining & great room. Owner's Suite, privately situated privately at the back of home, features spa like en suite & huge walk in closet. Flex room currently converted to closet, could be 4th bedroom/study. Professional landscaping front & back yards; both covered & open patio areas in backyard; great for entertaining. Easy access to I-25, shopping, & more.

Learn More!

4100 SKYVIEW CREST Road NW, Albuquerque, NM 87114

Price reflects $248,000 in upgrades in the past 7 months! Seller has invested in upgrading & improving this home with the best of the best. This property is exclusive and exquisite. Upgrades include: New (TPO ROOF) 50 year industrial grade 80mil TPO Carlise Syntec roof system. New (PAID SOLAR) 30 year low profile solar array not visible from ground level provides enough energy to waive off future energy bills -- $4000 to $5000 annual savings. New (SWIM SPA) premier Marque aquatic training vessel for endless swimming with a number of other aquatic fitness features. New (HOT TUB) premier Marque seven seat therapeutic spa. See MLS Features & Updates List for a full list of many more updates. 3 minutes from Intel & easy access to shopping, restaurants, schools, and major thoroughfares.

Learn More!

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

Are you beginning to feel that you chose the wrong lender to buy your Albuquerque home?

For whatever reason, you may feel that the mortgage lender you chose did not suit you. Perhaps you selected the wrong loan officer. In mortgage lending, the reputation of the staff is crucial. There is nothing like a lousy loan officer to make a prospective borrower regret their choice of the mortgage company they're working with.

Consider these things when switching mortgage lenders.

You are not under any obligation to continue working with the loan company, even after you have submitted all your documentation and completed the loan application. If you want to pull the plug, you can do so whenever you like. Perhaps you assumed that the rate you locked in was stable, but market rates exceeded your expectations. Perhaps you feel like it's impossible to get in touch with your loan officer. Then why not turn around?

You should know that the lender cannot send your loan documentation, including pay stubs, tax returns, bank statements, and similar documents, directly to the new mortgage lender. You must apply directly with the new bank for a loan if you switch banks. Exactly like the first bank, the bank will give you everything you need for closing after you've completed your application. In addition, the documents are probably too old to be useful. The credit report and pay stubs must have been dated within 30 days. Switching midstream will delay the approval of your loan.

The old appraisal won't follow you as well, even if you paid for it earlier. It is the lender who now owns the valuation, even if you paid for it. This report will have the lender's name on the front, not yours. Occasionally, you can get a 'retype' appraisal, in which the lender's name is changed after the first appraisal, but that's unusual. A new mortgage lender will order a new appraisal from an appraisal management company.

There is a possibility that the rate they locked in at is now higher than the rates offered by other lenders. If you are looking for a better rate, your current lender may want the opportunity to quote you a new rate to retain your business. Getting the lowest rate may not be possible, but you will get close.

The process of switching lenders is basically the same as the first time you did it. Do your best to work with the new loan officer and be patient.

HOT HOME LISTING OF THE WEEK!

7416 Blue Holly Court NE, Albuquerque, NM 87113  $695,000

4 Bedrooms / 4 Bathrooms (4 full, 0 half) / 3520 Square Feet

Beautiful family home in La Cueva and North Star distrist. Floorplan features 4 bedrooms and 3 full baths, formal dining, breakfast nook, plus large bonus/game room with wine cooler and loft. Kitchen updated with granite countertops, island, double oven and pantry. Romantic mastersuite with gas fireplace, separate tub and large walk in closest. Tons of out door spaces includes a courtyard, two covered balconies, a covered patio and private parklike backyard with Gazebo that already has water and electric. Mountain views and located on a cul da sac finish out this lovely home.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

There's a home for every budget with our hot Albuquerque properties! Whether you're looking for your first home, wanting to upgrade, or looking for a more luxurious life, these fine homes are ready for your inspection. These homes are certain to sell fast, so make sure you schedule a showing today.

Feel free to contact Sandi Pressley and her team at 505-263-2173 to get more information and schedule a viewing of these fine homes. You can also check out all of our listings on our Featured Listings page.

7416 Blue Holly Court NE, Albuquerque, NM 87113

Beautiful family home in La Cueva and North Star distrist. Floorplan features 4 bedrooms and 3 full baths, formal dining, breakfast nook, plus large bonus/game room with wine cooler and loft. Kitchen updated with granite countertops, island, double oven and pantry. Romantic mastersuite with gas fireplace, separate tub and large walk in closest. Tons of out door spaces includes a courtyard, two covered balconies, a covered patio and private parklike backyard with Gazebo that already has water and electric. Mountain views and located on a cul da sac finish out this lovely home.

Learn More!

6601 TAUTON Road NW, Albuquerque, NM 87120

Welcome to this move-in ready home. Soaring ceilings , bright and open floorplan. Two living spaces separated by a 2-way fireplace with gas starter. Spacious kitchen, ample cabinetry, counter tops & Pantry. Newer dishwasher and refrigerator. Opens to a breakfast nook and sliding doors to covered patio outdoors. Formal dining room could be an office/hobby room or workout area. . Primary bedroom is in rear of home and is separated from 2 front bedrooms. Primary suite offers a bay window with seating, walk-in closet, oversized shower, separate garden tub & 2 sink vanity. Covered front porch & huge covered rear patio! New block wall added in Spring of 2021.

Learn More!

11200 ELENA Drive NE, Albuquerque, NM 87122

Welcome to North Albuquerque Acres This stunning, light-filled home is surrounded by Pines and forever views of the Sandias. Three balconies with views off to the mountains and city views. 2 spacious living areas, 5 large bedrooms, an office plus a second living area that can be used as a bedroom, gameroom, home schooling, it is a wonderful flex space. From the living room on 1st level enjoy magnificent views of the Sandias. Open kitchen offers ample cabinets and counter space, breakfast nook, and then onto the formal dining room with a fireplace.A Guest room is located on the 1st level and a full bath. The Primary suite is nicely separated from the other bedrooms. Oversized with space for a sitting area, more views of the mountains.

Learn More!

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

Buying a home in Albuquerque brings you in contact with two terms, both related to getting a loan. Mortgage prequalification and preapproval are two methods. They may seem interchangeable, but they are actually quite different.

It's crucial for you to understand these terms so that you'll know what you can afford when looking for a home, and so that you'll demonstrate to a seller that you're serious.

Prequalification and preapproval are both steps to getting a mortgage, but if you have preapproval, you may not need a prequalification.

What is Prequalification?

Prequalification involves providing a lender with personal financial information. The goal is to help provide you an estimate of how much you can afford when you’re buying a home.

Prequalification information is usually self-reported. Your credit report is usually not verified during this process. You don't have to ding your credit report with a hard pull to get prequalified.

The prequalification letter shows you can afford the property. Having it will be helpful to your agent and sellers, but not quite as much as a preapproval.

What is Preapproval?

When it comes to buying a home, a preapproval carries a lot of weight. In order to get preapproved, you submit your finances and the lender verifies the information you provide by checking your credit report, your job and income, and your assets and liabilities.

When applying for a preapproval, you'll need details like your total monthly expenses, your W2s and pay stubs, and perhaps a copy of your mortgage statement if you own an existing home.

You receive a preapproval letter after submitting all the necessary documents. A lender will use this letter to explain how much you're approved for, along with types of loans they will give you and their terms.

Preapproval serves as an offer by the lender to you, which applies for a limited period of time. For example, you might have 90 days to buy a home based on your preapproval.

How Do You Get a Mortgage Preapproval?

To obtain a mortgage preapproval, follow these steps:

• Get your own credit score. The higher the score, the better. A score of at least 740 is ideal for the best offers.
• Check your credit report for errors and have any corrected.
• Calculate your debt-to-income ratio. To buy a home, you should aim to have a ratio of 36% or less. Your DTI is a ratio of your gross monthly income that goes toward paying debt.
• Gather the documents you’re likely to need to submit, such as your tax forms, employment details, and banking and account information. If you’re self-employed anticipate showing at least two years of income tax returns.

Finally, make sure to shop around for the best offer from lenders. This will help you find the lender that’s right for you so you increase your chances of getting approved, but also so that you can save money on interest with better terms. 

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

Normally people talk about spring as a good time to upgrade their Albuquerque homes, but did you know that fall can also be a great time? When it comes to presenting your home to potential buyers later, getting your house in shape now can make a huge difference. Especially if you intend to put your home on the Albuquerque real estate market during the peak selling season. As winter approaches, you can focus on indoor and outdoor upgrades that make your home feel more cozy and ready for the elements. 

Examine your front yard

When you are thinking of selling your home, agents recommend updating curb appeal - the way the outside of your home looks to potential buyers. If you wish to boost your curb appeal, you can hire a landscaper. However, there are also a few easy DIY tips that you can follow to take your home to the next level. Start by removing weeds from your landscaping and trimming overgrown areas and shrubs. To fill in bare spaces in your lawn, you can plant a rock garden, mulch, or low-maintenance plants. By updating your landscaping with perennials, you can make sure that your garden will be able to withstand the elements and bounce back as soon as spring arrives.

Upgrade your front door

After considering the state of your front yard, you can make easy upgrades that real estate agents swear by — giving your front door a wow factor. The easiest way to transform your front door from drab to wow is to paint it in a bright color like red, blue, or yellow. It won't take long for potential buyers to be intrigued by the front door and eager to step inside. Another way to update the outside of your home is to update your garage door.

Back to nature

While curb appeal is all about the outside of your home, staging is all about the inside. The purpose here is to get your home in order so that buyers can visualize themselves living there, with modern decor, neutral colors, and fresh furniture. Bringing natural elements indoors is also a trend this year. Any room in your house can be transformed by adding plants, and if you don't have a green thumb, opt for air plants, which are low maintenance and can be hung anywhere (since they have no roots). In addition to home furnishings, natural materials like bamboo and jute are also popular for home decor - think side tables, lamps, and rugs. Pillows or other fabrics in the living room or bedroom can be enhanced with linen and cotton.

When you plan on selling your house this year, you should bring natural elements inside, and pay attention to its curb appeal. You will be able to show off your home to potential Albuquerque home buyers in no time with a few decor upgrades and some TLC for the yard. 

HOT PROPERTY OF THE WEEK!

7804 AVENIDA VISTA VENTANA NW, Albuquerque, NM 87114

Welcome home to this GEM in Ventana Ranch! Meticulously cared for, this 4 Bedroom + Office stunner is full of upgrades. Enjoy the oversized corner lot while swimming in your NEW heated, gunite pool with automatic cover. This home also boasts 2 living areas, gas fireplace, open kitchen with SS gas appliances, one downstairs bedroom, a large office/gym, plus 3 FULL bathrooms. With 3 additional bedrooms upstairs, this home is move-in ready. Close to trail access, and convenient to grocery stores, schools and more, enjoy the Ventana Ranch lifestyle today!

Learn More!

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

Purchasing a home in Albuquerque comes with many expenses, including closing costs. Often, these costs come as a surprise to inexperienced homebuyers and drastically affect their budgets. In spite of the seemingly additional costs, with a little planning, you can prepare for the added expenses. Planning ahead when searching for a new home can make the process easier.

How can you prepare for closing costs when buying a home in Albuquerque?

How to Budget for Closing Costs

When it comes to saving for their closing costs, homebuyers need to start planning well in advance. Before looking for a house, you should start saving money. If an unexpected expense arises, you will have your funds ready so you won't be forced to borrow from family or take out loans to cover it. 

Generally, you should expect to pay 3-4 percent of the purchase price for closing costs when calculating your home buying budget. As an example, if you spent $200,000 on your home, you can expect closing costs to be between $6,000 and $8,000. Using this figure as a starting point can give you a good idea, but keep in mind that it can vary greatly, depending on the area you live in and the amount of the mortgage.

What's Included in Closing Costs? 

The three main areas where closing costs are incurred are mortgage origination fees, which comprise points and lender's fees; government recording fees; and charges from third parties, including adjustments for utilities, flood certifications, home warranties, and points for loan discounts. Several closing costs are negotiable, including lender's charges and government recording fees. Buying a house requires some specific closing costs, which you can find out from your mortgage lender.

There are a variety of closing costs that include the down payment, the settlement agent fee, escrow or title searches, and any other charges that are typically related to a home purchase. 

The majority of closing costs arise from paperwork required to process your mortgage application and handle the loan closing paperwork. In addition, you will be charged various service fees from your lender and unpaid agents. 

Factors That Affect Closing Costs

You will have to pay closing costs based on a variety of factors. As an example, your down payment is an important factor, but it isn't the only one. You need to take into account these additional factors as well:

The size of your loan: 

The loan origination fees as well as points will likely be higher if you are taking out a large loan. If you're planning on taking out a large mortgage, you should be prepared to pay an extra 2 to 4 percent for these fees. 

Where you buy: 

Closing costs are likely to be higher if you are buying in a high-cost area. Transfer fees and taxes tend to be higher in areas with high property values. When considering a new area, you should research it so you can make the right decisions. 

The type of home: 

Closing costs also depend on the type of property you purchase. In the instance of a newly built house, the lender will put aside money to pay taxes owed once the property has been assessed. In the case of an existing home purchase, you will likely have to pay these fees and taxes upfront. 

Buying a home has its share of closing costs, but they can be less daunting if you plan ahead and budget. It is best to start preparing for these costs before you get too involved in the process of buying a home, and once you know how many costs to expect you can seek professional advice.

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

Many Albuquerque homeowners have been inspired by the looming climate crisis and the overall push toward sustainability to make eco-conscious improvements to their homes. Simply switching to refillable cleaning products is an easy way to go green. You can also buy organic mattresses from Essentia, or use beeswax wrap instead of plastic. The presence of organic mattresses in your home can reduce toxins, although these eco-friendly alternatives, such as chemical-free sleeping surfaces, won't be enough to gain eco-conscious buyers. 

The change to eco-friendly products does reduce your personal carbon footprint, but investing in green home improvements benefits the environment and your wallet, all while giving prospective buyers a positive impression of your home. 

Would you like to go green? Boost the resale value of your Albuquerque home with these seven sustainable tips. 

Efficient Heating

Over 30% of your energy expenses are attributed to heating your home during the winter. To reduce your utility bills by a half, you need to replace your outdated furnace or boiler with energy-efficient models. Thermostats can also be programmed for maximum efficiency all year round with modern heating systems. 

Water-Saving Fixtures 

Old toilets and faucets leak a surprising amount of water. Fixtures with faults are more likely to leak water and increase your water bill. Water-saving toilets, showerheads, and faucets can help you save money and water by reducing the use of water within your home. 

Kitchen Appliances 

Since cooking appliances consume the most electricity, it is no surprise to see your kitchen as the highest energy consumer in your home. In order to reduce the environmental impact of your home, you can easily swap out energy-consuming appliances for energy-efficient alternatives. Choose dishwashers, refrigerators, and microwaves with Energy Star ratings for the best eco-friendly appliances. 

Better Windows 

Unsealed cracks in old windows allow a substantial amount of air to enter your home, literally wasting your money when it comes to heating and cooling. Put in new windows that are designed to keep your house warm in the winter and cool in the summer. You'll save money and be able to attract buyers with high-efficiency windows. 

Smarter Lighting 

It's time to retire fluorescent bulbs from your home's lighting. Lighting that's energy-efficient requires a lot less energy to illuminate your home. For maximum efficiency, use LED bulbs or compact fluorescent lamps. 

Water-Wise Landscaping 

Even though a lush front lawn looks healthy from the outside, it consumes a great deal of water. Lawn care costs homeowners a lot of money and in turn is a turn-off to potential buyers. Choose drought-tolerant plants that are easy to maintain and add curb appeal to your home instead. California Poppy, Yucca, and Lavender are just some of the greenery that is water-wise. 

Insulation

A house that is not properly insulated won't benefit from new windows and cooling systems. Don't forget to insulate an unused attic space and seal windows and doors properly. For the best results, hire a professional energy auditor who will provide a comprehensive inspection of your home. 

An eco-friendly home is easily attainable if you have the right information and preparation. Invest in energy-efficient appliances and systems by replacing old ones. Consider investing in more substantial changes such as a landscape renovation once you have made simple changes. Home improvements that are green will save you money in the long run as well as make your property more attractive to potential buyers. 

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

Just listed! Whether you're looking for the ideal first home or need to expand your living space, these fine homes will make the perfect choice. These homes are certain to sell fast, so make sure you schedule a showing today.

Feel free to contact Sandi Pressley and her team at 505-263-2173 to get more information and schedule a viewing of these fine homes. You can also check out all of our listings on our Featured Listings page.

11520 WOODMAR Lane NE, Albuquerque, NM 87111

Wonderful opportunity in Prestigious Tanoan! This single-story gem is packed with amenities galore...Renovated bathrooms, updated flooring, owned solar and more! This comfortable 4-bedroom home enjoys 2 large living areas complete with fireplace & built-ins. The master bedroom has an oversized en suite bathroom with gorgeous tile work, dual sinks, and large walk-in closet. The second bedroom features an attached bath, and additional 2 bedrooms share a convenient Jack & Jill bath. And get ready to enjoy the beautiful NM weather in multiple outdoor living spaces: there's a spacious, private courtyard, multiple patio spaces, and yard. Welcome home!

Learn More!

208 MADISON Street NE, Albuquerque, NM 87108

Nob Hill, UNM, downtown!! Close to shopping, restaurants, breweries, transportation! Updated 3BDR/2BA home with private front courtyard, light, bright and open living/dining area with lots of windows, wood floors, wood burning fireplace! REFRIG AIR! Versatile floor plan with 2BDRS/1BA on its own wing! 1BDR & BATH on it's own wing! Updated kitchen and baths! Kitchen features lots of cabs, gas stove, built-in microwave, tile flooring! Separate laundry room! Huge backyard with backyard access, deck and large storage shed!

Learn More!

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

As we approach the end of 2020, some analysts predict the number of foreclosures will rise. The Albuquerque housing market remains strong, but Coronavirus shutdowns have damaged the economy, and unemployment has remained high.

It's important to be prepared for the experience of dealing with foreclosure if you're hoping to find a great deal. Buying a foreclosure has many aspects similar to buying any other house, but if you know what to expect, your process will go more smoothly.

Types of Foreclosures

Foreclosed homes fall into two general categories. Home foreclosures include bank-owned homes and real estate-owned properties (REOs). In both cases, the lender is the owner of the home. Foreclosure stages distinguish the two.

A bank-owned home is in foreclosure, meaning the homeowner is not making payments, and the lender is taking steps to remove the homeowner. Bank-owned homes are sold at auction when they are foreclosed. A bank-owned REO property remains the property of the bank even if it doesn't sell at auction. In spite of being auctioned, REO properties haven't been sold yet. REO agents are usually used by lenders to sell them.

The prices of foreclosures are often significantly lower than similar properties in an area. A lot of foreclosed properties are sold at well below the market value. Buying a foreclosure can also help lower your interest rates, reduce your down payment, and save you money on appraisal fees and closing costs.

Some deals on distressed properties can be found in situations where the property isn't bank-owned.

Pre-foreclosure is one example. It means the lender has notified the borrower they have defaulted, but they might be able to avoid foreclosure if they sell the property. In short sales, lenders take less for the property than what's owed on the mortgage. Lenders can approve a short sale even when you aren't in default.

Buying a Foreclosed Home

If you want to buy a foreclosure, the following are the steps to expect:

Mortgage Preapproval

Before looking at properties in Albuquerque foreclosed by banks, preapproval for a mortgage is a good idea. A preapproval will show you're serious about buying, and it will help you narrow down your search.

Find an Agent Experienced in Foreclosures

It's important to have a foreclosure expert on your side. They can also help you find properties in your area if you don't have a specific property in mind.

Make a Competitive Offer

Even if a property is in foreclosure, you may still have to make a competitive offer. It is likely you will receive a substantial deal, but if you make an offer that is too low it may not be accepted.

Get an Inspection

Foreclosed homes are bought as-is. There will be no repairs made by the seller. When you buy a property, whatever is needed becomes your responsibility. If you make an offer, you need to know what you're getting into. If you do an inspection and you find too many problems, you should pass on the property. In the inspection, whatever is found is not going to be a strong negotiation tool - it's only there to help you decide.

You cannot do an inspection when you buy a house at auction. You don't even have the opportunity to see the inside of the home before you bid.

The Risk for Buyers

Buying a foreclosed home comes with a lot of risks. A property inspection may fail to reveal hidden problems or costs. Moreover, it's a long process.

When you buy a foreclosure, you have to deal with a lot of paperwork. The response times for banks to offers on these properties are usually slow, and if a bank is behind in foreclosures, it may take months before they respond.

It doesn't mean you shouldn't consider buying a foreclosure. To be prepared for these hurdles, you simply need to be organized.

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.